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Car sharing?

Does anyone have any experience of informal car-sharing schemes?

I have just moved to London, where my car now sits outside my flat, is hardly ever used and is costing me nearly £100 a month which I can't afford. So, together with some friends I've hatched a plan to share the car, and the running costs - handy for us all to have access to a car, a great way to share the expense and a 'green' solution!

We've worked out what we consider to be a far way of managing 'bookings' and have tackled the tricky matter of Christmas/Easter/Bank Holiday weekends in a way which suits us all, but now we need to sort out some of the nitty-gritty, like insurance - does anyone have any tips?

Thanks

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